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is a wonderful country, but by the way, it make -- look, if you look at foreign policies, you can see europe is as it is and germany, and ask what we never can do because we have the history of france. italy, for superran integration at well but without france it will never. so, of course i would prefer to have the stronger position of france, but by the way, i am optimistic that they will say -- the are doing a lot of making reforms, as they implemented some -- make a lot of decisions. they would not have -- cut expenditures, deficit by cutting expenses, and relation is two-thirds cutting and one-third -- maybe you can send from one from the negotiation team to palace to help, and overcome the different position. uk would have been better from the very beginning if uk would have combine itself as part of the european continent, but they didn't. but of course, mentioned continental europe. not uk. if you look at -- we have situation -- at if you look at e situation properly, and has to be careful. i think it's -- my -- the more we succeed in our common european -- the sooner uk can join. the
think for the foreign exchange market, it's more a question of policy action. and now, because we're in this limbo, that leaves sterling a little bit of limbo. >> meanwhile, the treasury there is targeting sales of 4 to 5 billion sales in six-month and is 1-month t bills. yes, same with italian yields, as well, michael. are we now at the low point in the cycle for spanish and italian yields? who is going to drive them lower from here and why would you? >> i think the market has seen a lot of liquidity expansion. first from the fed and then lastly from the bank of japan. and combined with the renewed commitment from the ecb to protect the euro, this has depressed yields to these kind of levels. i think it's difficult to see us going dramatically further. and if anything, strategically, we think that the three major problems in europe, the recession, inconsistent crisis management and rising political and social backlash against austerity are likely to come through and that leaves spain and italy very vulnerable to a sharp increase in yields. we're looking, for example, for 10-year
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